A $100M makeover of a major retail, dining and entertainment complex along the Hollywood Walk of Fame has begun.
The transformation of Hollywood & Highland will include design upgrades to the property, a refreshed tenant mix and the addition of creative office space, owners Gaw Capital USA and DJM Capital Partners Inc. announced last year.
Repainting of the street-facing exteriors of the property is happening now, according to a statement from the owners. Part of the plan for the center was to streamline its facade, which is usually cluttered with signage and billboards both digital and analog, and replace it with a sleek monochrome exterior.
The owners expect renovations to be completed by mid-2022. As part of the makeover, Hollywood & Highland will be renamed Ovation Hollywood.
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In the next few months, passersby should notice improvements to the main common areas. Simplifying the center’s confusing layout and adding landscaping and inviting outdoor spaces are also part of the overhaul, according to architects at Gensler, which is leading the makeover.
In addition to beautifying the property, the upgrades would also include adding office space on the upper levels, where it would replace event space and some retail. In August, when the renovations were first announced, exactly how much office space would be added was in flux but owners told the Los Angeles Times it could be as much as half of the roughly 463K SF complex.
However, the owners now plan to include 100K SF of office space in the project once the dust settles, according to the statement. More than 1.5M SF of office space has been proposed in Hollywood, according to a Q4 2020 report from the Hollywood Entertainment District — and that is not counting the square footage Hollywood & Highland is adding.
Gaw Capital USA and DJM Capital Partners Inc. bought the shopping center from CIM Group in late 2019 for $325M. CIM retained ownership of the Dolby Theatre, which hosts the Academy Awards. The Loews Hollywood Hotel, which sits next to the Hollywood & Highland complex, was not included in the sale.
DJM Capital and Gaw Capital USA didn't respond to a Bisnow request for comment.
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